The national average price of gasoline in the United States has dipped below the $4 mark for the first time in weeks, with data compiled by GasBuddy from more than 12 million individual price reports across more than 150,000 gas stations revealing that the national average fell by 9 cents from a week ago to $3.97 per gallon, with further drops to $3.65-$3.85 possible in the near future. However, AAA reported the national average at $4.042 per gallon on Monday, down from $4.125 a week ago. The disconnect comes from different methodologies used by…

The national average price of gasoline in the United States has dipped below the $4 mark for the first time in weeks, with data compiled by GasBuddy from more than 12 million individual price reports across more than 150,000 gas stations revealing that the national average fell by 9 cents from a week ago to $3.97 per gallon, with further drops to $3.65-$3.85 possible in the near future. However, AAA reported the national average at $4.042 per gallon on Monday, down from $4.125 a week ago. The disconnect comes from different methodologies used by…

The national average price of gasoline in the United States has dipped below the $4 mark for the first time in weeks, with data compiled by GasBuddy from more than 12 million individual price reports across more than 150,000 gas stations revealing that the national average fell by 9 cents from a week ago to $3.97 per gallon, with further drops to $3.65-$3.85 possible in the near future. However, AAA reported the national average at $4.042 per gallon on Monday, down from $4.125 a week ago. The disconnect comes from different methodologies used by…

This week brings with it the 22 April deadline marking the end of the two-week ceasefire between the U.S. and Iran. The on-again/off-again/on-again closure of the Strait of Hormuz by Tehran, and Washington’s naval blockade specifically on Iranian ports, can broadly be seen as part of the ongoing negotiations for peace that began on 8 April, with the mood surrounding the talks having swung as wildly on both sides as the state of the blockades. Even before the recent spate of hostilities, mediating Omani Foreign Minister Badr Al-Busaidi declared…

Kuwait has declared force majeure on shipments of crude oil and refined products after disruptions at the Strait of Hormuz prevented some vessels from entering the Persian Gulf. The move comes as tensions in the Strait escalated again following the U.S. seizure of an Iranian-flagged cargo vessel in the waterway. According to Reuters, Kuwait Petroleum Corporation has notified customers that it is invoking contractual clauses allowing it to withhold certain scheduled deliveries after the blockade hindered access to the Gulf. The measure is not expected…

Kuwait has declared force majeure on shipments of crude oil and refined products after disruptions at the Strait of Hormuz prevented some vessels from entering the Persian Gulf. The move comes as tensions in the Strait escalated again following the U.S. seizure of an Iranian-flagged cargo vessel in the waterway. According to Reuters, Kuwait Petroleum Corporation has notified customers that it is invoking contractual clauses allowing it to withhold certain scheduled deliveries after the blockade hindered access to the Gulf. The measure is not expected…

Ukrainian President Volodymyr Zelenskyy has criticized an easing of sanctions on Russian energy, writing on X that "every dollar paid for Russian oil is money for the war." His statement on April 19 comes after the United States prolonged its Russian oil waiver earlier in the week with figures showing that Moscow nearly doubled its oil revenue in March amid soaring energy prices as Iran continues to disrupt shipping on the crucial Strait of Hormuz. Zelenskyy claimed that more than 110 tankers from Russia’s shadow fleet are currently at sea,…

India has recently raised the number of Russian insurers allowed to provide protection and indemnity (P&I) cover for ships docking at Indian ports, as Indian refiners are once again boosting imports of Russian crude thanks to a U.S. waiver. The number of Russian insurers eligible to cover marine indemnity and protection has been raised to 11, up from eight previously, India's Directorate General of Shipping has said, as carried by Reuters. India has recently allowed new Russia-based insurers to provide cover for ships docking at Indian ports,…

India has recently raised the number of Russian insurers allowed to provide protection and indemnity (P&I) cover for ships docking at Indian ports, as Indian refiners are once again boosting imports of Russian crude thanks to a U.S. waiver. The number of Russian insurers eligible to cover marine indemnity and protection has been raised to 11, up from eight previously, India's Directorate General of Shipping has said, as carried by Reuters. India has recently allowed new Russia-based insurers to provide cover for ships docking at Indian ports,…

The price of oil has been driven higher by the latest round of escalations in the Middle East, renewing fears of a drastic global energy shock. Brent crude – the international benchmark for oil prices – jumped over six per cent on Monday morning to over $96. It follows a weekend of tensions where shipping in the Strait of Hormuz has once again ground to a halt following a brief opening on Friday. The regime in Tehran has warned that the new closure will remain in place until the US blockade is lifted. In a Truth Social post on Sunday,…

China is on track to import record-high volumes of ethane from the United States this month as Chinese and other Asian petrochemicals producers rush to secure replacement feedstock amid plunging naphtha and liquefied petroleum gas (LPG) supply from the Middle East. China is expected to import as many as 800,000 tons of U.S. ethane in April, which would be a record high for any month and about 60% higher compared than the usual monthly imports of the feedstock from the United States, per estimates from Chinese consultancy JLC cited by Bloomberg.…